Binance Delists 4 Cryptocurrencies, Sending All of Them Crashing
As of yesterday, October 9th, 2018, Binance, one of the world’s largest and most popular cryptocurrency exchanges, has announced that they will be delisting four tokens from their trading platform until further notice.
The announcement was made early yesterday morning on the exchange’s website and stated that due to the Binance team’s dedication to protecting the safety of their users, they would be de-listing Bytecoin (BCN), ChatCoin (CHAT), Iconomi (ICN), and Triggers (TRIG). The release of the notice has sent most of the coins crashing down pretty hard.
In the press release, the team affirmed their dedication to keeping their clients and users safe and explained that to maintain this level of user safety, the team regularly conducts comprehensive reviews of the digital assets listed on the platform.
They also mentioned that when certain coins or tokens fall below a certain level of quality, they are either reviewed in-depth or de-listed entirely from the exchange. This practice allows them to maintain some quality when it comes to the coins endorsed by the exchange.
Another delisting, another crash
The release of the announcement has undoubtfully sent some of the coins crashing down — something that we see very often with delistings, especially from major crypto exchanges. This is just another proof of how cryptocurrencies’ prices are closely related to their listings on major exchanges.
ChatCoin has declined with 30% since the delisting announcement, trading at $0.016 per coin. Binance market pairs with CHAT accounted for $4.9 million of the $7.54 million trading volume of the coin for the past 24 hours.
Bytecoin has seen a decline by nearly 22% since the announcement, trading at $0.017. Binance market pairs with BCN accounted for $10.85 million of the $18.73 million trading volume of the coin for the past 24 hours.
Triggers has seen a decline by nearly 49% since the announcement, trading at $0.155. Binance market pairs with TRIG accounted for 100% of the $9.82 million trading volume of the coin for the past 24 hours.
Iconomi has seen a decline by nearly 9% since the announcement, trading at $0.36. Binance market pairs with ICN accounted for $1.25 million of the $1.65 million trading volume of the coin for the past 24 hours.
While they have not officially released the reasons for de-listing the four tokens, they have indirectly mentioned that the projects have somehow fallen below their ideal standards of quality.
Below, are some of the factors that the Binance team considers when assessing the quality of their listed tokens:
- A team’s commitment to the project
- Quality and level of development activity
- Network/smart contract stability
- Level of public communication and activity
- Responsiveness to our periodic due diligence
- Evidence of unethical/fraudulent conduct
- Contribution to a healthy and sustainable crypto ecosystem
Delisted Until Further Notice
According to Biance, “Based on the above criteria, we have decided to delist and cease trading on all trading pairs for the following coins and tokens: Bytecoin (BCN), ChatCoin (CHAT), Iconomi (ICN), Triggers (TRIG).”
The coins are set to be de-listed and removed from the platform by October 12, 2018, at 10:00 AM and the team says that they will continue to support the removal of the aforementioned coins until November 12, 2018, at 10:00 AM.
The move has been made to help create a “healthy and sustainable crypto ecosystem.” And, Binance ended by stating that they will continue to protect their users’ safety by performing periodic reviews of all coins and tokens listed on the platform.
In other news, the Binance platform has also re-routed all of their trading fees to charity, as well as announcing the launch of a new, de-centralized platform by the end of 2018, where the Binance Token (BNB) will be used as the operational token to power the platform’s smart contracts.
Featured Image from Shutterstock. Charts from TradingView.
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